Chilean regulator says permit for Anglo’s Los Bronces project should be rejected

Chilean regulator says permit for Anglo’s Los Bronces project should be rejected

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Anglo American (OTCQX:AAUKF) (OTCQX:NGLOY) falls more than 5% after Chile’s environmental regulator recommended rejecting the permitting application for the Los Bronces copper project, citing insufficient information on public health risks.

Anglo (OTCQX:AAUKF) said in the event of a negative decision, the permitting process allowed for further review to evaluate a full range of merits of the project alongside the technical permitting considerations.

The energy transition may be heavily reliant on copper but that does not mean it will be easy for miners to get the metal out of the ground, AJ Bell’s Russ Mould says, according to the Wall Street Journal.

“While the world might benefit from wider availability of the metal… complaints domestically about the environmental impact within Chile demonstrate the difficult balancing act miners face as they look to show off their new ‘green’ credentials,” Mould writes.

Anglo shares fell sharply last week as the miner cut full-year production estimates and raised cost guidance.

Originally Posted on: https://seekingalpha.com/news/3826308-chilean-regulator-says-permit-for-anglos-los-bronces-project-should-be-rejected?source=feed_tag_commodities
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